In the beginning of October, Nevada-based Jade Mountain Corporation reported about the acquisition of all the issued and outstanding capital stock of Innomind Group Limited, - the company registered in the British Virgin Islands. The deal took place through a share exchange.
Innomind Group, through its direct and indirect subsidiaries, including Chinese corporation Dalian RINO Environmental Engineering Science and Technology Co., Ltd., designs, manufactures, installs and services proprietary and patented wastewater treatment, exhaust emission desulphurization equipment, and high temperature anti-oxidation systems. The products of BVI company's subsidiary RINO are worked out to reduce industrial pollution and/or energy utilization.
RINO's proprietary and patented wastewater treatment equipment, called the “Lamella Inclined Tube Settler” wastewater disposal system, is a market leader in China's iron and steel industry. The Lamella system is patented, and patent applications extend also on the anti-oxidation system. These products were developed as a result of RINO's co-operation with the Chinese Academy of Science.
For the first half of the year 2007, BVI company's subsidiary received revenues of $28.7 million and net income of $7.3 million, compared to revenue of $4.1 million and net income $1.3 million during the respective period a year ago.
CEO and Chairman of RINO, Mr. Dejun Zou, has commented on the agreement between the BVI company and Jade corporation, "We are pleased to have completed this financing ... The proceeds are expected to be utilized for working capital and to expand our production capacity to meet the growing market demand. This will include implementing new operating systems, equipment and technology to improve both our operating efficiency and profitability. In addition, we intend to expand and strengthen our distribution and sales network in China, while continuing to focus on new product development efforts."
